by King White, on Oct 19, 2021 9:47:14 AM
As companies await the end to the coronavirus pandemic and adjust decisions on a remote workforce, a hybrid option, or an eventual full return to the office, one truth is evident: The office will never be the same.
As a tenant, this is an unsettling time but also creates opportunities for finding sublease space that is more aligned with your current space needs. Perhaps you’ve already determined that you don’t need the same real estate footprint as you did pre-pandemic. If that’s the case, then you may want to consider subleasing to take advantage of market conditions.
There is over 172 million square feet of sublease space available across the U.S. currently according to CoStar Group. The larger metro areas have the highest amount of sublease space available. For example, New York City has the highest at 28.7 million square feet following by Chicago with 11.3 million square feet and Dallas with 9.8 million square feet. Sublease supply across the U.S. finally fell for the first time since the start of the pandemic in August.
While there’s still a significant amount of sublease space available nationally, the supply is starting to decline so companies who want to explore this opportunity should strike while the iron is still hot.
Three Reasons to Consider Sublease Space:
Subleasing is an attractive option for tenants and there is more than a normal amount available due to the coronavirus pandemic. Its growth appears to have peaked, however, so the availability of prime spots could become more scarce. If you have a need for space, now is the time to engage a tenant representation specialist to examine what sublease opportunities might be available in your market.
